Today we had witness negative movement in Indian market mainly due to global market on trade war issues along with further weakness in Turkish lira and depreciating Indian rupee. IT and Pharma are the only sectors to trade in green today, with total advances of 573 shares 1179shares decline today and 326shares remain unchanged.Tuesday market is expected to trade in sideways movement with major support of Nifty future is around the level of 10340-10355 followed by 10200 and for Bank Nifty future is around 27800 followed by 27600.Do not worry for the opportunities as day traders will get opportunities in stock specific movement and swing traders just need to hold in this market and wait for the right time to entre. » Read more
Equity benchmark indices extended gains during afternoon trade led by Reliance Industries, ITC, and ICICI Bank. The Nifty IT stocks were trading higher by ~1% after the Indian rupee hit a fresh lifetime low of 70 against the US dollar. At 15,039, the Nifty IT was up 1% with all components in the green. TCS is up for the fifth straight session on Tuesday. All top IT stocks were trading in the green, led by MindTree, OFSS, and Tech Mahindra, which registered a gain of more than 2.5%. Meanwhile, the Nifty Pharma index was also trading higher, led by gains in Sun Pharma, Divis Lab, Cipla, and Lupin. A retreating rupee usually bodes well for Indian IT and Pharma companies because they mainly rely on exports for a bulk of their revenues.
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Benchmark indices snapped two day’s losses and opened higher in today’s session. Today’s rally led by HDFC Twins, ITC, ICICI Bank and Axis Bank. The Indian rupee opened marginally higher at 69.85 per dollar on Tuesday, after ending at an all-time closing low the day before. Sensex was trading higher by 143 points at 37,788, and Nifty was up 41 points, trading at 11,397 mark. Shares of Ruchi Soya jumped 4.5% on the BSE in the morning trade after company posted Q1FY19 numbers. The company reported a net profit of Rs22.6cr for the quarter ended June 30.Repco Home Finance’s Q1FY19 NII has improved by 8% yoy to Rs114.3cr against Rs10.5.8cr in Q1FY18. The housing finance company’s standalone net profit was 6% below our estimates due to lower NII growth, which has increased by 8.8% yoy to Rs60.9cr against Rs56cr.